y NIyi Jacobs
A High Court of Justice in London has issued a post-judgment worldwide freezing order against Nigerian businessman Abdulrahman Musa Bashar and his Dubai-based company, Ultimate Oil & Gas FZCO, in a move aimed at securing enforcement of an outstanding $40.2 million debt.
The order, delivered on March 30, 2026 by Justice Bryan, targets assets linked to the chairman of the Rahamaniyya Group and seeks to prevent further dissipation of funds while legal proceedings continue. The ruling follows a long-running commercial dispute involving UAE-based trader Petrichor Energy FZCO, which is seeking recovery of unpaid obligations arising from fuel supply contracts.
According to court documents, the freezing order was granted after fresh evidence suggested a real risk that assets could be moved or disposed of before enforcement is completed. A key factor cited by the court was a March 15, 2026 phone call in which Bashar allegedly threatened to “dispose of assets” in a way that could frustrate recovery efforts.
The court also noted that although a previous freezing order had been lifted in 2024 due to insufficient evidence, circumstances had now changed significantly. Petrichor Energy holds final judgments against Bashar and his company, but the majority of the debt remains unpaid despite earlier disclosures indicating assets worth approximately $170 million.
Further concerns were raised over what the court described as “fire sales” of luxury properties in Dubai, reportedly sold at discounts of up to $6 million below declared values following earlier judgments in 2025. The court also referenced a prior one-year prison sentence issued by a Dubai court over dishonoured cheques, describing it as part of the broader risk assessment in the case.
The dispute stems from multiple petroleum product supply agreements between the parties. Initial transactions involved spot contracts for gasoil and Jet A1 fuel, followed by a longer-term contract signed in April 2023. While payments were reportedly made for delivered products, the dispute escalated after alleged defaults on interest and demurrage obligations.
In November 2023, Petrichor initiated arbitration at the Dubai International Arbitration Centre to recover outstanding sums. Subsequent restructuring efforts included payment plans backed by post-dated cheques and a personal guarantee from Bashar, but these arrangements reportedly collapsed after repeated defaults.
The court also expressed concern over alleged non-disclosure of more than $41 million in assets, including properties and petrol stations, stating that explanations provided by Bashar lacked credibility. Justice Bryan emphasised that the purpose of the order was to ensure that court judgments are not rendered ineffective by the disposal of assets before enforcement.
The ruling places renewed scrutiny on Bashar’s business interests, particularly the Rahamaniyya Group’s footprint in Nigeria’s oil and gas sector. Bashar is a majority owner of Rahamaniyya Oil & Gas Limited, which operates a large petroleum storage facility in Apapa, Lagos.
The court stressed that the freezing order is necessary to preserve assets while enforcement proceedings continue, noting that justice requires courts to take preventive action where there is a risk of asset dissipation.
The injunction remains in force pending further hearings, where Bashar and his company are expected to challenge the order.
This is not the first time the group has faced legal and financial scrutiny. In 2019, Ecobank filed a case over an alleged ₦25.9 billion debt linked to petroleum product transactions, highlighting a history of contested financial obligations within the group’s operations.
The latest ruling adds to growing international legal pressure on the company as creditors continue efforts to enforce multimillion-dollar judgments across jurisdictions
